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CBN raises interest rate to 18.75%

THE Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.

Acting CBN Governor, Folashodun Shonubi, announced this today after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.

This is the first decision of the monetary committee since President Bola Tinubu’s assumption of office on May 29, 2023.

It is also the first decision of the committee in about a decade without embattled Godwin Emefiele who was suspended as the governor of the apex bank on June 9, 2023.

Last week, Nigeria’s headline inflation rose to 22.79% in June from the 22.41% recorded in May 2023 amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.

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Naija Times